Small business owners spend more than three working days on cash admin alone

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THE average small business owner spends the equivalent of more than three working weeks a year on cash-related admin alone.

A study of 500 SME owners, side hustlers and sole traders found nearly three-and-a-half hours a week is taken up with jobs like counting cash and travelling to pay it into accounts.

This amounts to more than 178 hours a year – the equivalent of 22 eight-hour working days.

Typically, SME owners will spend one hour every week simply travelling to pay in money.

But a third have had to skip work breaks, while 13 per cent have to shut up shop completely, to pay money into their bank account.

Despite this, 71% still believe ‘cash is king’, seeing it as essential for keeping their business running (16%) and giving customers more choice (40%).

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“Our branch network makes it easier for businesses to deposit cash locally and securely, giving owners back precious time to focus on what matters most: growing their business.”

The study also found 24% of business owners are put off from accepting more card payments, or moving to digital transactions only, due to the extra admin involved.

While 23% worry about the risk of chargebacks.

It also found entrepreneurs bank an average of £1,738 in cash on average every week, but 60% find the process of depositing cash inconvenient when juggling it around other business needs.

And 69% of those polled, via OnePoll, believe easier and more local ways to deposit notes would allow their business to grow, while 67 per cent say it would increase their opportunities to trade.

Some 70% have delayed depositing their earnings due to a lack of time, and as a consequence, they’ve stored their takings at home (61%) or even on their person (26%).

Ben Hunter Woollard, from Post Office, added: “Digital payments may be growing, but as the findings show, cash is still delivering real value for businesses.

“By providing convenient local deposit services, our branches help make cash management simpler, freeing up time for businesses to focus on what matters most.”

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